Quiz 1 Strategic Management

Front 1

Strategic Management is an art and science of blanks, cross-functional decisions that enable an organization to achieve its objectives

Back 1

Formulating

Implementing

Evaluating

Front 2

In essence, the strategic plan is the company's blank

Back 2

Game plan

Front 3

3 Stages of the Strategic Management Process

Back 3

Strategic Formulation

Strategic Implementation

Strategic Evaluation

Front 4

Strategy Formulation

Back 4

1. Vision and Mission

2. External Opportunities and Threats

3. Internal Strengths and Weaknesses

4. Long-term Objectives

5. Alternative Strategies

6. Strategy Selection

Front 5

Logical plan to meet the company's objectives

Back 5

Formulation

Front 6

Putting the plan into action

Back 6

Implementation

Front 7

To know which part of the operation to improve

Back 7

Evaluation

Front 8

Assessment of oerformance

Back 8

Evaluation

Front 9

Deviation between the standard and actual value

Back 9

Evaluation

Front 10

Decisions of different departments should be aligned together in meeting the company's objectives

Back 10

Cross functional decisions

Front 11

Long term perspective

Back 11

Strategy

Front 12

Short term perspective

Maneuvering

On the spot

Back 12

Tactics

Front 13

What do we want to become

Back 13

Vision

Front 14

Speaks of a purpose of an organization

Back 14

Mission

Front 15

The company's values and priorities

Back 15

Long term objectives

Front 16

A lot of alternative sources of actions

Back 16

Alternative selections

Front 17

Beyond the operation of the business

Back 17

External

Front 18

Issues in Strategy Formulation

Back 18

*Business to enter

*Business to abandon

*Allocation of resources

*Expansion or diversification

*International markets

*Mergers or joint ventures

*Avoidance of hostile takeover

Front 19

Offer more products and services

Back 19

Diversification

Front 20

Be able to compete globally

Back 20

International Markets

Front 21

Combine forces to survive

Back 21

Mergers or joint ventures

Front 22

Results from tough managerial choices among numerous good alternatives and it signals commitment to specific markets, policies, procedures, and operstions in lieu of other less desirable courses of actions

Back 22

Strategic plan

Front 23

Strategy Implementation

Back 23

1. Establish annual objectives

2. Devise policies

3. Motivate employees

4. Allocation of resources

Front 24

Includes developing a strategy supportive culture

Back 24

Strategy implementation

Front 25

Redirecting marketing efforts and preparing budgets

Back 25

Strategy implementation

Front 26

Development and utilization of information systems

Back 26

Strategic implementation

Front 27

Linking employee compensation to organizational performance

Back 27

Strategy implementation

Front 28

Mobilizing employees and managers to put formulated strategies into action

Back 28

Implementing strategy

Front 29

Requires personal discipline, commitment and sacrifice

Back 29

Implementing strategy

Front 30

Stimulate managers and employees throughout an organization to work with pride and enthusiasm towards achieving stated objectives

Back 30

Implementation

Front 31

Review external and internal factors that are the bases for current strategies

Back 31

Strategy evaluation

Front 32

Measuring performance and taking corrective action

Back 32

Strategy evaluation

Front 33

Managers must need to know when particular strategies are not working well

Back 33

Strategy evaluation

Front 34

3 Hierarchical levels

Back 34

Corporate

Divisional or strategic business unit

Functional

Front 35

Described as an objective, logical, systematic approach for making major decisions in an organization

Back 35

Strategic Management Process

Front 36

Useful for making decisions in situations of great uncertainty or little precedent

Back 36

Intuition

Front 37

Based on the belief that organization should continually monitor internal and external events and trends so that timely changes can be made as needed

Back 37

Strategic management process

Front 38

Successful organizations effectively manage change, continuously adapting their bureaucracy, strategies, systens, products and cultures to survive the shocks and prosperous from the forces that decimate the competition

Back 38

True

Front 39

Anything that a firm does especially well compared to rival firms

Back 39

Competitive Advantage

Front 40

Continually adapting to changes 8n external trends and events and internal capabilities, competencies and resources

Back 40

Sustainable competitive advantage

Front 41

Individuals who are most responsible for the success or failure of an organization

Back 41

Strategist

Front 42

Develop forecasting models and scenarios

Back 42

Strategist

Front 43

Evaluate corporate and divisional performance and spot emerging market opportunities

Back 43

Strategist

Front 44

Identify threats and develop creative action plans

Back 44

Strategist

Front 45

Any manager who has the responsibility for a unit, profit and loss outcome, direct authority over a major piece of the business

Back 45

Strategist